Henry Rearden Is Saving for Retirement and Has Determined That

question 16

Multiple Choice

Henry Rearden is saving for retirement and has determined that to live comfortably he must save $3 million by his 65th birthday.Henry just turned 30 today,and he has decided that starting today and continuing on every birthday up to and including his 65th birthday,he will deposit the same amount into an individual retirement account (IRA) .If Henry can earn 8% on his IRA,then the amount he must set aside each year to make sure that he will have $3 million in his account on his 65th birthday is closest to:

• A)$16,035.
• B)$17,410.
• C)$83,335.
• D)$85,715.

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Definitions:

Amygdala

A part of the brain's limbic system involved in emotions, fear responses, and survival instincts.

Hippocampus

A region of the brain that is crucial for memory formation, navigation, and the processing of emotional responses.

Aversive Racism

A form of racism that manifests in subtle, often unconscious discriminatory actions despite individuals' avowal of non-prejudiced views.

Institutional Racism

Discriminatory practices and policies that create and perpetuate inequalities based on race within institutions and society.